Shaftesbury Capital Plc · LSE:SHC
Shaftesbury Capital — H1 2025 Earnings Presentation
46 slides from Shaftesbury Capital's earnings presentation, Jul 29, 2025
Slide 1: 2025 Interim Results
2025 Interim Results 29 July 2025 Delivering income and value growth
Slide 2: Successful first half of the year
Successful Strong Delivering Confidence first half of financial income and in our the year performance value growth prospects and enhanced flexibility 2025 Interim Results 2
Slide 3: Successful first half of the year
Option 1 Successful first half of the year Significant growth potential across our portfolio 2025 Interim Results 3
Slide 4: Strong operating and financial performance
Strong operating and financial performance Growth in earnings, dividends, valuation and NTA – Positive trends in footfall and sales – Excellent leasing momentum and pipeline – Delivering rental income and valuation growth – Strong balance sheet and access to substantial liquidity Introduction of long
Slide 5: London's West End
London’s West End West End’s unique long-term features – Unrivalled concentration of entertainment and cultural attractions, with strong connectivity – Wide variety of retail, leisure, food and beverage experiences – Seven days-a-week trading environment – High footfall with c.200 million visitors a
Slide 6: Clear strategy delivering performance
Clear strategy delivering performance H1 Highlights Portfolio valuation EPRA NTA per share +3.1% (L-f-L) +3.3% Total property Total accounting return return +4.9% +4.2% Underlying earnings Dividend per share per share +16% +12% 2025 Interim Results 6
Slide 7: Strong financial performance and enhanced flexibility
Option 1 Strong financial performance and enhanced flexibility 2025 Interim Results 7
Slide 8: Growth in underlying earnings and dividends
Growth in underlying earnings and dividends H1 20251 H1 2024 Group share £m £m +8.2%2 lfl growth in rental Rental income 98.7 98.8 income Property costs (15.1) (18.1) Net rental income 83.6 80.7 Administration costs Impact of higher share option expense Other income 1.1 0.2 and ongoing efficiencies A
Slide 9: Driving rental value and income growth
Driving rental value and income growth +2.9% lfl vs Dec-24 13.1 260.8 11.7 +2.1% lfl vs Dec-24 8.8 25% 18.7 Income 208.5 reversion £million Contracted EPRA vacancy Under Net under Realised on expiry of Of which £2.9m is refurbishment rented rent-free periods, and under offer, Realised on contractual r
Slide 10: Valuation growth driving increased NTA per share
Valuation growth driving increased NTA per share EPRA Balance Sheet 30 Jun 2025 31 Dec 2024 £m £m Property portfolio1 5,138 4,929 Net debt (861) (1,405) Other 115 150 Non-controlling interest (596) - Net assets 3,796 3,674 EPRA net tangible assets 3,801 3,671 EPRA net tangible assets per share (penc
Slide 11: Portfolio valuation growth driven by improved ERV
Portfolio valuation growth driven by improved ERV Rents and valuation well-underpinned Valuation +3.1% L-f-L to £5.2bn – ERV £95psf (2024: £92psf) – +2.9% L-f-L ERV growth to £261m – Valuation £1,893psf (2024: £1,833psf) – Equivalent yield stable at 4.46% – Strong rental growth prospects – 4.6% equi
Slide 12: Significant financial flexibility
Significant financial flexibility Enhanced credit metrics… …and flexibility Net debt £1.4bn £0.8bn Access to £1bn of liquidity (Dec 2024: £0.6bn) EPRA LTV 27% 17% Weighted average maturity of drawn debt of 4.2 years Interest cover 2.9x 3.6x Weighted average cost of debt of 4% Net debt to EBITDA 10.9x 6.
Slide 13: Diversified debt profile and sources of funding
Diversified debt profile and sources of funding Part of the proceeds from the Covent Garden partnership have been used to reduce drawn debt – Partial repayment of the Canada Life term loan in March 2025 (£67.4 million of the £135 million) – Expected repayment of £275 million of the exchangeable bond d
Slide 14: Delivering income and value growth
Delivering income and value growth 2025 Interim Results 14
Slide 15: Globally renowned destinations in the heart of London's West End
Globally renowned destinations in the heart of London’s West End Covent Garden +2.7% valuation growth +2.5% ERV growth Carnaby | Soho +3.6% valuation growth +3.6% ERV growth Chinatown +3.1% valuation growth +3.2% ERV growth Metrics reflect 6-month growth to June 2025 2025 Interim Results Map is for i
Slide 16: Positive leasing activity
Positive leasing activity 193 New lettings/renewals 36 Rent reviews High occupancy £19.2m £9.6m 2.4% +9.0% vs Dec-24 ERV +13.1% vs Dec-24 ERV ERV available to let +16.3% vs previous rent +7.1% vs previous rent 2025 Interim Results 16
Slide 17: Strong retail market
Strong retail market Retail leasing activity driving 3.8% ERV growth – Positive trading conditions – Strong performance from highly productive categories Selecting retailers to meet consumer demand – Offering services and personalisation – Building stronger customer relationships TALA, Carnaby Stree
Slide 18: Continued F&B demand for our prime locations
Continued F&B demand for our prime locations Operators attracted to our vibrant, predominantly pedestrian-friendly destinations 10 new openings across the portfolio High occupancy Marjorie’s, Fouberts Place Café Kitsune, Monmouth Street – 0.5% of the portfolio ERV available to let +2.5% 33% ERV L-f-
Slide 19: Office and Residential
Office and Residential Residential High quality office space +1.7% 12% – Amenity value and excellent environmental ERV L-f-L growth of portfolio credentials £25.4m value – 27 new lettings and renewals: £3.6m of rental income; +8.2% vs Dec-24 ERV 652 £61 – Rent reviews: £0.2m; +7.3% vs previous passi
Slide 20: Investment, expansion and growth opportunities
Investment, expansion and growth opportunities Investment opportunities across our portfolio – Refurbishment, asset management, public realm and repositioning opportunities Capital rotation – £55 million invested in acquisitions – Several buildings currently under review – £12 million of assets disp
Slide 21: Confidence in our prospects
Confidence in our prospects 2025 Interim Results 21
Slide 22: Confidence in our West End portfolio
Confidence in our West End portfolio Focused on delivering sustained growth and total returns Significant growth potential across our portfolio – Strong leasing pipeline and excellent levels of activity Well-positioned to capitalise on market opportunities Confidence in medium-term targets set in 20231
Slide 23: Q&A
Option 1 Q&A 2025 Interim Results 23
Slide 24: Appendices
Option 1 Appendices 2025 Interim Results 24
Slide 25: Our purpose-led strategy
Our purpose-led strategy Our purpose is investing to create thriving destinations in London’s West End where people enjoy visiting, working and living Our strategy is to deliver long-term income and value growth from our unique Benefitting all stakeholders portfolio of properties and contributing to
Slide 26: Our portfolio under management
Our portfolio under management 14% 53% 33% Metrics reflect percentage of portfolio under management value. 2025 Interim Results 26
Slide 27: Diverse mixed-use portfolio
Diverse mixed-use portfolio Split by use Split by destination 36% 53% 36% Retail 46% 33% 33% 33% F&B 38% 19% 19% Office 14% 12% 16% 12% Residential Portfolio under management Group share of portfolio Metrics reflect percentage of portfolio valuation at 30 June 2025 2025 Interim Results 27
Slide 28: Significant opportunity to grow rents
Significant opportunity to grow rents Retail ITZA rental tones by street Average SHC Zone A Average SHC Zone A retail significantly below prime Broad range of price points rents £550 psf West End average £1,380 psf £300 £230 £300 £230 £400 £290 £1,250 £550 £450 £330 £780 £820 £280 Map is for indicativ
Slide 29: Well-positioned for sustainable rental growth
Well-positioned for sustainable rental growth Broad range of rental tones with significant growth potential – Average SHC Zone A rent £550 psf – Remains significantly below West End average Zone A £1,380 psf Retail ITZA rental tones by street 1,500 1,000 Shaftesbury Capital ownership; streets are base
Slide 30: Portfolio summary by use
Portfolio summary by use Retail F&B Office Commercial Residential Total Group 36% 33% 19% 88% 12% 100%1 share2 Valuation (£m)3 1,865.0 1,712.8 959.8 4,537.6 645.0 5,182.6 4,496.7 Annualised gross income (£m) 73.4 73.8 38.0 185.2 23.3 208.5 182.2 ERV (£m) 93.5 86.6 55.3 235.4 25.4 260.8 226.4 ERV psf
Slide 31: Portfolio summary by destination
Portfolio summary by destination Total Group 53% 33% 14% 100%1 share2 Valuation (£m)3 2,743.3 1,700.0 739.3 5,182.6 4,496.7 Annualised gross income (£m) 105.1 70.7 32.7 208.5 182.2 ERV (£m) 137.6 87.7 35.5 260.8 226.4 ERV psf (£) 98 96 84 95 95 Net initial yield 3.5% 3.6% 4.0% 3.6% 3.6% Topped up ne
Slide 32: Portfolio leasing summary by use and destination
Portfolio leasing summary by use Retail F&B Office Residential Total 36% 33% 19% 12% 100% H1 2025 transactions 34 21 27 111 193 Contracted rent (£m) 6.6 4.8 3.6 4.2 19.2 % above Dec 24 ERV 5.2% 18.8% 8.2% 5.7% 9.0% % above previous passing rent 15.3% 50.7% 12.0% 3.3% 16.3% Portfolio leasing summary
Slide 33: Vacancy by use
Vacancy by use Retail F&B Office Residential Total Available ERV (£m) 1.8 1.2 2.0 0.9 5.9 % of portfolio 0.7% 0.5% 0.8% 0.4% 2.4% Area (‘000 sq ft) 17 17 27 13 74 Under offer ERV (£m) 1.0 1.3 0.1 0.5 2.9 % of portfolio 0.4% 0.5% 0.0% 0.2% 1.1% Area (‘000 sq ft) 12 10 1 8 31 Under refurbishment ERV (
Slide 34: Historical reversionary potential and ERV growth
Historical reversionary potential and ERV growth 258 261 252 Covid-19 251 239 237 225 227 221 205 208 209 203 193 185 187 181 178 175 £million 165 165 156 153 145 143 131 129 122 121 115 108 94 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 Annualised gross income
Slide 35: Creation of long-term partnership with Norwegian sovereign wealth fund
Creation of long-term partnership with Norwegian sovereign wealth fund 25% investment by NBIM in the Covent Garden estate • Valued Covent Garden at £2.7 billion, in line with Dec-24 valuation • £574 million cash proceeds for the Group on 1 April 2025 • Shaftesbury Capital retains 75 per cent ownersh
Slide 36: EPRA NTA per share movement
EPRA NTA per share movement 2.2 7.1 (1.8) 206.8 (0.5) (0.4) 200.2 Pence per share Dec-24 Gain on Underlying Dividends Non-underlying Other Jun-25 revaluation earnings paid costs 2025 Interim Results 36
Slide 37: Strong covenant position
Strong covenant position 30 Jun 2025 31 Dec 2024 Loan-to-value (Group share) £m £m Debt at nominal value 1,352.4 1,514.8 Less: cash1 (575.7) (109.8) Net debt 776.7 1,405.0 Property portfolio at market value 4,498.7 4,973.5 Loan-to-value 17.3% 28.2% EPRA net debt2 759.7 1,385.9 EPRA property portfoli
Slide 38: Debt covenants summary
Debt covenants summary Nominal Average Test ICR LTV value interest rate Maturity frequency Covenant Covenant 2030: £130m Aviva term loan £450m 4.7% 2033: £200m Half yearly 1.35x 65% 2035: £120m Canada Life term loan £67m 4.5% 2029 Quarterly 1.4x 60% Exchangeable bond1 £275m 2.0% 2026 - - - 2026: £16
Slide 39: Access to significant liquidity
Access to significant liquidity Access to total liquidity £1 billion 574.0 (32.9) (64.9) 575.7 (41.9) (8.8) 450.0 £million +£9.4m disposals -£74m capex and acquisitions 40.4 109.8 Opening Underlying CG partnership Dividend Capex, acqusitions Financing Non-underlying Closing Undrawn facilities cash¹ o
Slide 40: Creating sustainable and vibrant places
Creating sustainable and vibrant places Commitment to sustainability and environmental responsibility – Net Zero Carbon by 2040 Enhancing environmental performance is part of our regular capex programme – Reducing carbon emission by reusing, recycling and repurposing Community engagement and collabo
Slide 41: Our sustainability strategy
Our sustainability strategy Our strategy aims to sustainably add value to our buildings and tackle climate change whilst supporting local communities and our people, underpinned by our values, good governance and stakeholder engagement Buildings Places People Be a leader in the sustainable developme
Slide 42: A sustainable and responsible business
A sustainable and responsible business Benchmarks C+ Prime 2024 Memberships 2025 Interim Results 42
Slide 43: Lillie Square
Lillie Square We own a 50% interest in Lillie Square; all figures represent our 50% share Leasing activity - Over 60 units leased on short-term basis representing £1.9m annual contracted income Valuation - 1.4% decrease (like-for-like) to £64.4m (2024: £65.3m) Funding - Cash position £5.2m (2024: £4.
Slide 44: Principal risks
Principal risks • Uncertain political climate and/or changes to legislation and policies • Adverse impact on business and consumer confidence, increased material costs, prolonged supply chains and reduced labour supply Economic, political • Inflationary pressures on operating costs, including energy a
Slide 45: Important notices
Important notices This presentation contains “forward-looking statements” regarding the belief or current expectations of Shaftesbury Capital PLC, its Directors and other members of its senior management about Shaftesbury Capital PLC’s businesses, financial performance and results of operations. Thes
Slide 46: AFTESBURY
AFTESBURY ITAL